Key facts
- Public sector net financial liabilities to peak at 83.8% of GDP in 2027/28 and 2028/29.
- UK growth forecast for 2027 cut to 1.0% from 1.6%.
- UK growth forecast for 2026 raised to 1.2% from 1.1%.
The UK's latest Budget has been criticized for failing to stimulate economic growth, with the Office for Budget Responsibility (OBR) revising its forecasts to show higher public debt and lower growth in key years. The OBR's figures, published on October 28, indicate that public sector net financial liabilities will peak at 83.8% of GDP in the 2027/28 and 2028/29 fiscal years. This represents an upward revision from previous estimates. The OBR also lowered its growth forecast for 2027 to 1.0%, down from 1.6% projected in March, although it slightly increased the forecast for 2026 to 1.2% from 1.1%. The deficit for 2026/27 is projected at 4.2% of GDP.